Funding of $6.5 million underscores the urgent need for affordable electric vehicle (EV) charging in residential buildings

SAN FRANCISCO, May 15, 2024 /PRNewswire/ -- Today, Orange Charger, a pioneer in EV charging solutions, announces the launch of its latest model of EV chargers and software platform purpose-built for multifamily properties. Founded by former Tesla executives, Orange Charger's new release aims to provide the 43 million Americans living in multifamily residential buildings with affordable, reliable EV charging infrastructure.

In the US, 92 million EVs are expected on the road by 2040, that's 20 times more electric vehicles than today. The US Department of Energy expects 80-90 percent of EV owners to charge their vehicles overnight, at home, where they prefer. "The current public-style fast chargers are expensive, high-maintenance, and very energy inefficient. A building cannot afford to install more than a couple of these traditional chargers, leaving its residents to share chargers or stop at a supercharger on their way to work," says Nicholas Johnson, Founder and CEO, Orange.

Orange's Level 2 outlets are $750 each, and property owners can install four Orange chargers for the price of one standard charger without expanding the capacity of their electricity panel. Orange only charges residents a usage-based per kWh fee when they use the charger, while all other EV chargers have an ongoing service fee.

Johnson continued, "We are so fair-priced and affordable that property owners can easily provide an outlet per parking spot if they wanted to."

Since its inception, Orange Charger has deployed around 2,000 units at apartment complexes across the nation, emphasizing the need for scalable and efficient EV charging infrastructure. The latest chargers embedded with right-sized charging capabilities optimize energy use at a lower amperage, effectively doubling or quadrupling the number of chargers property owners can install without additional cost. These chargers are enabled with OrangeNet, a mesh technology that allows chargers to communicate with each other to maintain connection without additional networking requirements. Paired with seamless Bluetooth connectivity, drivers can start or end a charge session even if they don't have a cell or WiFi signal.

Once drivers download the Orange app, they can scan the QR code on the chargers, enter their credit card information, and start charging. OrangeOS tracks and manages charger use and reimburses the property for energy costs. It also enables property owners to control access to chargers and manage all their properties' chargers in one place.

A $6.5 million oversubscribed round of funding, led by Munich Re Ventures and Climactic, with participation from Baukunst, Lincoln Properties Ventures, Crow Holdings, and Space Cadet Ventures, brings Orange's total funds raised to $8.8 million.

"Access to EV charging should not be an impediment to EV adoption, and that includes drivers who live in multi-family buildings," said Matt McElhattan, Managing Director at Munich Re Ventures. "We are optimistic about Orange Charger's right-sized charging solution. It provides a capital-efficient way for landlords and tenants to access EV charging while also serving as the most infrastructure-friendly option for both the building and the grid—a win-win for all parties. We're very pleased to partner with Orange Charger on this next step in their journey."

"Multi-family properties are the most under-served segment, holding back EV adoption. The Orange Charger team has quickly delivered a best-in-class solution that is affordable, reliable and meets the needs of both property owners and drivers," said Raj Kapoor, Managing Partner and Co-Founder of Climactic.

About Orange Charger
Orange Charger is an Energy Management Solution for multifamily homes. Orange's right-sized charging solutions are reliable, affordable, scalable, and purpose-built for these properties.

SOURCE Orange Charger